Polkadot (DOT) Posts Over 23% Gains, Bulls Eye $5.490
• Polkadot (DOT) posted over 23% gains in the past two weeks, rallying from $4.271 to a high of $5.272.
• The $5.272 hurdle is posing a challenge to bulls, with the RSI and OBV indicating intense buying pressure.
• Bulls could attempt to overcome the $5.272 hurdle and target $5.490, while bears could push DOT prices below $5.079.
Polkadot (DOT) has been on an uptrend since the end of last year, with the altcoin posting impressive gains of over 23% in the past two weeks. This rally has seen DOT prices move from $4.271 to a high of $5.272, at press time. However, the altcoin was still shy of the December high of $5.730, with obstacles at $5.272 and $5.681 posing challenges to bulls. At the time of writing, DOT was trading at $5.235 after a recent price rejection at $5.272.
In terms of technical indicators, the Relative Strength Index (RSI) had gradually moved to the overbought zone from the oversold area, indicating intense buying pressure in the past two weeks. Similarly, the On Balance Volume (OBV) made higher highs, indicating that trading volumes increased to boost the uptrend momentum.
Given these technical indicators, bulls could attempt to overcome the $5.272 hurdle to target the $5.490 level. If successful, this move could see DOT prices rise by 3.8%. However, bears were in sight around the $5.272 hurdle, and they would come in droves if bulls fail to clear the obstacle. Such a move could invalidate the bullish forecast and see bears push DOT prices below $5.079. If this happens, bulls may have to look for new support at $4.977 or $4.886.